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| Tekijä: | Sironi, A. |
| Otsikko: | Strengthening banks' market discipline and leveling the playing field: Are the two compatible? |
| Lehti: | Journal of Banking and Finance
2002 : MAY, VOL. 26:5, p. 1065-1091 |
| Asiasana: | BANKS MARKETS DEBT DEBT MANAGEMENT CREDIT RATING |
| Kieli: | eng |
| Tiivistelmä: | This paper examines whether the supervisory objective of strengthening market discipline is compatible with the one of enhancing competitive equality for internationally active banks. This issue is empirically investigated by comparing the determinants of major US and European banks' subordinated notes and debentures (SND) spreads. Three main results emerge. First, the spread/rating relationship is both statistically significant and very similar for US and European banks' bonds. Second, US banks tend to pay a higher average spread on their SND issues because of a poorer average rating. This is due to the presence of European public sector banks, i.e. banks which are either government owned or benefit from explicit government guarantees. |
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